Farmland Partners Inc. (NYSE: FPI) Q3 2020 Supplemental Package
Disclaimer
Forward Looking Statements
Some of the statements contained in this presentation, including statements regarding our portfolio development approach, our pending acquisitions and dispositions, and other investment opportunities, our future growth prospects and targeted returns, farmland investment characteristics and certain trends, constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward- looking statements by the use of forward-looking terminology such as "may," "will," "should," "expects," "intends," "plans," "anticipates," "believes," "estimates," "projects," "predicts," or "potential" or the negative of these words or similar words, which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward- looking statements by discussions of strategy, plans or intentions.
Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, beliefs and expectations, such forward-looking statements are not predictions of future events or guarantees of future performance and our actual results could differ materially from those set forth in the forward-looking statements. Some factors that might cause such a difference include the following: the impact of the COVID-19 pandemic and efforts to reduce its spread on our business and on the economy and capital markets generally, availability, terms and deployment of capital, changes in the Company's industry, interest rates or the general economy, the ability to consummate acquisitions or dispositions under contract and the other factors described in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2019, the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2020, and the Company's other filings with the Securities and Exchange Commission. Any forward-looking information presented herein is made only as of the date of this press release, and the Company does not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
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Dispositions Summary
($ in thousands)
Timing of
Depr. and
Gain (Loss) on
Disposition (1)
Region(s)
Year(s) Purchased
Gross Proceeds
Amortization
Sale
2018
Q1
-
-
$
-
$
-
$
-
2018
Q2
High Plains
2016
2,000
87
214
2018
Q3
Corn Belt, Delta and South
2014, 2016, 2017
29,941
52
3,263
2018
Q4
-
-
-
-
-
2018
Total
31,941
139
3,477
2019
Q1
Corn Belt
2016
4,724
6
418
2019
Q2
Corn Belt, Southeast
2017
29,678
449
7,286
2019
Q3
Delta and South
2014
1,100
-
394
2019
Q4
-
-
-
-
-
2019
Total
35,502
455
8,098
2020
Q1
-
-
-
-
-
2020
Q2
High Plains, Corn Belt
2014, 2016
8,244
353
1,055
2020
Q3
Corn Belt
2016
5,200
-
1,271
2020 Q4 QTD
Delta and South
2014
3,987
35
463
2020
YTD
17,431
388
2,789
Total Completed
$
84,874
$
982
$
14,364
Pending Dispositions(2)
2021
Q1
Southeast
2017
19,388
140
3,552
Total
$
104,262
$
1,122
$
17,916
____________________
No farm dispositions were completed prior to 2018.
Preliminary estimates.
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Farmland Partners Inc. published this content on 09 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 November 2020 12:11:06 UTC
Farmland Partners Inc. is an internally managed real estate company that owns and seeks to acquire North American farmland and makes loans to farmers secured by farm real estate. The Company owns and/or manages approximately 171,100 acres in 16 states, including Arkansas, California, Colorado, Florida, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Nebraska, North Carolina, Oklahoma, South Carolina and Texas. In addition, the Company owns land and buildings for four agriculture equipment dealerships in Ohio leased to Ag Pro under the John Deere brand. Its portfolio is used to grow primary crops, such as corn, soybeans, wheat, rice and cotton, and produce specialty crops, such as almonds, citrus, blueberries and vegetables. In addition, under the FPI Loan Program, it provides loans to third-party farmers (both tenant and non-tenant) to provide financing for property acquisitions, working capital requirements and others. It has over 26 crop types and over 100 tenants.